A spike in the call/put ratio (far right-hand edge of graph) on the VIX (VXX), catches the eye...

A spike in the call/put ratio (far right-hand edge of graph) on the VIX (VXX), catches the eye of Chris Prybal, who notes the indicator hasn't been anywhere near this extreme since 2009. Might the unwind of this sort of bearishness/hedging drive equity prices higher?

In July 2008 the same spike occurred as SPX dropped from 1,300 to below 700. This recent spike in VIX calls is a hedge against the inevitable SPX drop in Nov/Dec. The money managers want your $$ so nearly everything is construed as bullish, even while in the path of a hurricane- election, fiscal cliff, decreased earnings, debt ceiling etc..